The Sabarmati Riverfront Development Project is a significant urban regeneration initiative aiming to transform approximately 38 kilometers of riverbanks between Ahmedabad and Gandhinagar. The project is being executed in seven phases and is expected to revitalize the area, creating a vibrant ecosystem along the river, with space for work, living, recreation, and entertainment. The first phase, covering around 11 kilometers on either side of the river, has now begun monetization.
First Phase Land Monetization
The Sabarmati Riverfront Development Corporation Ltd (SRFDCL) has commenced the monetization of the first phase by auctioning a prime land parcel for ₹156.13 crore to Mumbai-based E City Ltd. This marks the beginning of the land monetization plan, which aims to generate ₹4,000-5,000 crore. E City Ltd will develop a 60,050 sq m mixed-use commercial complex, including offices, co-working spaces, restaurants, retail stores, lounges, and a food court. This development is expected to be a 17-story building, setting a new benchmark for real estate in Ahmedabad, with a land valuation of ₹3,52,941 per square meter.
Key Features and Development Plans
The project includes several key features aimed at improving urban life and promoting sustainability:
- Promenades: A continuous, double-level promenade stretches along both riverbanks, providing access to the water for pedestrians and cyclists.
- Green Spaces: The first phase has planted 5 lakh trees and developed a biodiversity park using Miyawaki plantation methodology to increase the green cover.
- Transportation: New roads have been created along both banks, improving traffic flow and providing better connectivity for the city.
Financial Sustainability and Land Disposal Policy
The Sabarmati Riverfront Project is designed to be financially self-sustaining, relying on land sales and commercial developments to fund the entire project. The proceeds from land sales will cover the project’s costs, including interest on construction loans and equity repayment. The SRFDCL has developed a new land disposal policy to speed up the auction process. The Sabarmati Riverfront Land Disposal Policy 2024 divides the riverfront into seven value zones, allowing developers to purchase land development rights or lease the land for short or long-term periods.
Phases of Development and Future Plans
- Second Phase: Adds 5.8 kilometers to the eastern bank and 5.2 kilometers to the western bank, extending the riverfront to Indira Bridge. A Barrage cum Bridge is under construction to maintain the water level across the entire stretch.
- Third Phase: Sobha Group LLC, a Dubai-based realty group, has committed ₹1,000 crore for the third phase.
- Fourth to Seventh Phases: The remaining phases of the project will be handled by various developers, including the Irrigation Department, GIFT City, and the Gandhinagar civic body, with plans to extend the project to Sun Sarovar in Gandhinagar.
Benefits of the Sabarmati Riverfront Project
- Urban Regeneration: The project is expected to improve the urban core of Ahmedabad, making the riverfront a key destination for businesses, residents, and tourists.
- Environmental Improvement: The project emphasizes green spaces and sustainable development.
- Olympic Preparations: Plans are also in place to enhance sports facilities to support Ahmedabad’s bid for the 2036 Olympics.
Multiple-Choice Questions (MCQs):
1. Who is responsible for implementing the Sabarmati Riverfront Development Project?
A) Ahmedabad Municipal Corporation
B) Sabarmati Riverfront Development Corporation Ltd (SRFDCL)
C) Gujarat State Government
D) Sobha Group LLC
Answer: B) Sabarmati Riverfront Development Corporation Ltd (SRFDCL)
2. Which company won the first land auction for the Sabarmati Riverfront development?
A) Sobha Group LLC
B) GIFT City
C) E City Ltd
D) Rising Hotels
Answer: C) E City Ltd
3. What is the total area planned for commercial development in the first phase of the project?
A) 60,050 sq m
B) 156.13 acres
C) 11.5 kilometers
D) 5 lakh trees
Answer: A) 60,050 sq m
4. What is the land valuation for the Sabarmati Riverfront project’s first auction?
A) ₹1,150 crore per square meter
B) ₹3,52,941 per square meter
C) ₹4,000 crore per square meter
D) ₹1,250 crore per square meter
Answer: B) ₹3,52,941 per square meter
5. Which company has committed ₹1,000 crore for the third phase of the project?
A) E City Ltd
B) GIFT City
C) Sobha Group LLC
D) Rising Hotels
Answer: C) Sobha Group LLC
6. What is a key feature of the Sabarmati Riverfront project in terms of green development?
A) Use of solar power
B) Construction of a theme park
C) Miyawaki plantation methodology for green cover
D) Construction of a sports stadium
Answer: C) Miyawaki plantation methodology for green cover
7. What is the main goal of the Sabarmati Riverfront Project’s monetization strategy?
A) To generate ₹4,000-5,000 crore for the development phases
B) To attract international tourists
C) To build low-cost housing
D) To fund the entire project with government grants
Answer: A) To generate ₹4,000-5,000 crore for the development phases